pretty good idea, when other parents are busy to prepare future savings in the bank you choose a different path by providing future investment savings with Bitcoin and gradually you make a deposit in each of your child's Bitcoin wallet. If you do that consistently it will be a great future investment for your children. and as a provision for the future, you also need to introduce your children from an early age what Bitcoin is and how it works later. it will give them an idea that the potential of bitcoin is huge and they will be a part of it. The future of your children is in your hands, that's a great step and very much appreciated.
Topic: Diversified accounts for children - page 2. (Read 365 times)
they should be able to learn life on their own but I will not expose them to crypto as teenagers to avoid social vices.
if you asked me, I think it'll be far better if you expose them to crypto in their teenage years(especially if you are going to go through on what you are planning) since you yourself are the one teaching or guiding them. just curious, what wallet are you planning to use? because if you are going to hold coins on a bitcoin wallet, security is extremely important. if you have questions regarding it I suggest asking them now.
Am planning ahead for my children, early this year I open four bitcoin wallets with my children's names overtime I will be dividing my investment either profit or capital and send to their wallets, no one will have access to it until you assume certain age of 18.
Are you sure that the way you opened the wallets guarantees that in xx years it will be possible to access them? It takes trusted heirs to keep the assets in the wallet so that they can always be accessed. Nothing can go against the laws of nature, get sick, lose memory or forget and the worst possibility is death. Op needs to consider this question so that his assets are not frozen in the wallet, Op must trust the heirs so that the baton continues.
Am planning ahead for my children, early this year I open four bitcoin wallets with my children's names overtime I will be dividing my investment either profit or capital and send to their wallets, no one will have access to it until you assume certain age of 18. I did not enjoy any treatment from my parents I was not independent and I was not dependent. I don't want same thing to repeat I wish my children to be independent after higher college, they should be able to learn life on their own but I will not expose them to crypto as teenagers to avoid social vices.
With this strategy and planning in a front run, I myself will independent of their demands. They canter for themselves and learn e-commerce, networking, crypto currency market, forex and anything that will sustain their independency. Being a parents is being a responsibilities
I don’t see any reason now to divide investments into different wallets, store everything in one wallet, and if you want transfer the inheritance, then just divide the balance into equal parts and send them to new wallets.With this strategy and planning in a front run, I myself will independent of their demands. They canter for themselves and learn e-commerce, networking, crypto currency market, forex and anything that will sustain their independency. Being a parents is being a responsibilities
But I am inclined to believe that it is more important to teach a child to earn money himself than to give him an inheritance.
If I were you, I won't even let them know that I plan to give them Bitcoin each, why not spend your time teaching them how Bitcoin is beneficial for their generation? Let the know learn and engage in Bitcoin trading, transactions, peer 2 peer, and others, and patiently watch them for a long time to see if they will develop any interest, if you immediately send them Bitcoin and they instantly sell the Bitcoin it makes no difference.
Am planning ahead for my children, early this year I open four bitcoin wallets with my children's names overtime I will be dividing my investment either profit or capital and send to their wallets, no one will have access to it until you assume certain age of 18. I did not enjoy any treatment from my parents I was not independent and I was not dependent. I don't want same thing to repeat I wish my children to be independent after higher college, they should be able to learn life on their own but I will not expose them to crypto as teenagers to avoid social vices.
With this strategy and planning in a front run, I myself will independent of their demands. They canter for themselves and learn e-commerce, networking, crypto currency market, forex and anything that will sustain their independency. Being a parents is being a responsibilities
With this strategy and planning in a front run, I myself will independent of their demands. They canter for themselves and learn e-commerce, networking, crypto currency market, forex and anything that will sustain their independency. Being a parents is being a responsibilities
In my opinion maybe just creating a bank or adding a separate vault on your bank would already work as long as you do save separately for your child it would work. I mean it doesn't actually need to be bitcoin or any cryptocurrency because they are still children so they don't really understand it yet and don't have enough knowledge about bitcoin, I know bitcoin is an investment but at the same time, we all know that bitcoin and cryptocurrency are also so risky because of its volatile market price.
4 wallets or maybe banks looks like a lot of work, It doesn't really need to be 4 specific wallets since you could just split them in the end, Anyway, it still depend on you, but I guess as long as you teach them your bitcoin knowledge it's already enough for them to start their investment journey because its everything will be useless if they don't have enough knowledge and would just end up just selling the bitcoin you accumulated for them.
It's a good plan, but focus on the kids very well, especially if you have boys, at the age of 18 they are not always in a serious stage, they want to play video games, buy stuffs, waste money, and carelessly do things, I don't think that age is the best time to hand over Bitcoin wallet to them.
Before they age, keep lecturing them about crypto and bitcoin wallet, make them do some practice with crypto transactions, and give them assignments, like telling them to open an exchange account, track transactions, etc, I would do this for my kids too, but now I don't have any.
I have this in mind as an inheritance plan, but how will they avoid all the mistakes if I don't teach them? Even adults lose funds to scammers or hackers too.
Good luck with your plan, and all the best.
Before they age, keep lecturing them about crypto and bitcoin wallet, make them do some practice with crypto transactions, and give them assignments, like telling them to open an exchange account, track transactions, etc, I would do this for my kids too, but now I don't have any.
I have this in mind as an inheritance plan, but how will they avoid all the mistakes if I don't teach them? Even adults lose funds to scammers or hackers too.
Good luck with your plan, and all the best.
OP, you are a newbie; are you sure that you can carry out your plans? It's good to have a dream, but it's more important that your plans are properly planned so that you don't get any regrets from your mistakes.
A similar topic has already been brought up; I can suggest you read it, as the people in that thread gave a lot of good advice to a person with similar ideas; the difference is that he has five children.
Can you 'Will' your bitcoin to your children?
A similar topic has already been brought up; I can suggest you read it, as the people in that thread gave a lot of good advice to a person with similar ideas; the difference is that he has five children.
Can you 'Will' your bitcoin to your children?
Preparing bitcoin savings for the future of your children is a brilliant idea. Your obligation to your children ends when they graduate from college; consequently, they are fortunate to have a parent who goes above and beyond. But when you do not want to teach your children about crypto when they are teenagers, I do not get it. High school level is the greatest year to support your kids about their true capacities which they could take for their college courses You are not required to inform them of your secret savings, but it is preferable to inform them of crypto when they are young. If they are interested or not, you will know, but at least you told them about it.
but I will not expose them to crypto as teenagers to avoid social vices.
Well, if your childs uses a smartphone, how can you be sure that they will not have information access to the crypto space before they are 18 years old?
Introducing crypto from an early age does not mean letting them become evil, but teaching them how crypto crimes work which are generally difficult to solve. So it really depends on the moral education of parents as well.
It's up to you if you want to create 4 Bitcoin wallet or just keep in one wallet and then split up after you think your children already mature enough, know money management and how they use their money.
I'd consider to give your Bitcoin to your children as an inheritance because you don't need to think and control them how to use their coins, you might ask them to hold their coins until the next bull run, but if they don't listed to you, it will cause a drama where you're not willing to let your coins spent by unnecessary thing e.g. buy a luxury product.
I'd consider to give your Bitcoin to your children as an inheritance because you don't need to think and control them how to use their coins, you might ask them to hold their coins until the next bull run, but if they don't listed to you, it will cause a drama where you're not willing to let your coins spent by unnecessary thing e.g. buy a luxury product.
Am planning ahead for my children, early this year I open four bitcoin wallets with my children's names
Open four bitcoin wallets, what does this mean?What is the wallet software you use to do that?
You should use a self custodial wallet and I hope you did. With self custodial wallet, you don't have to open any wallet like open accounts on centralized exchanges. You can install wallet and create receiving address then assign address labels with names of your children.
However, if you plan to give it to four kids, you must create four different wallets, each is for one kid. You should not create one wallet and give four addresses (in a same wallet) for four kids. Because they will co-own that wallet later that can cause conflict of interests. If one of children is bad, he will steal all coin in that wallet.
You are an exemplary parent for preparing your children's future with Bitcoin savings. I wonder how old they are right now.
I hope you are extra careful in keeping your savings for your children. At the very least, keep them in a cold wallet.
Anyway, I'm curious about what made you associate cryptocurrency with social vices. I'm surprised that you are choosing Bitcoin for your children's future and yet you don't want them to learn about it as teenagers.
I hope you are extra careful in keeping your savings for your children. At the very least, keep them in a cold wallet.
Anyway, I'm curious about what made you associate cryptocurrency with social vices. I'm surprised that you are choosing Bitcoin for your children's future and yet you don't want them to learn about it as teenagers.
Am planning ahead for my children, early this year I open four bitcoin wallets with my children's names overtime I will be dividing my investment either profit or capital and send to their wallets, no one will have access to it until you assume certain age of 18.
this is certainly a good plan, make an effort to really leave some significant sum in those accounts.
Why does this sound to me like you opened bank accounts for them? why do they need to be "in their name" and where did you open those wallets?
Are you sure that the way you opened the wallets guarantees that in xx years it will be possible to access them?
How secure is it? How safe are the wallets?? How about if one of these kids don't take the whole idea of the digitalized world seriously, since you haven't even started it from birth with them, and for the fact that some peeps don't even like everything they see or hear?
? What's happens in that case?Sandra 🧑🦰
I have highlighted those words for a reason. For your kids not to lay waste everything, they've got to know something about finance. They've got to understand that, it ain't a do as you want just because you've got the funds for it and funds not properly managed finishes.
Again, this doesn't come with age and so, 18years for a bench mark might not be idea but, its good enough for a start.
That's actually a good plan but don't forget to have yours as well because you're the one that's funding them. It means that you shouldn't forget about yourself while stacking up those sats on all of their accounts.
Create for yourself and that's why you're working and stacking for them, to have a good life and you're not exempted with that. You need to reward yourself and with that long period, you're not in a time deposit so don't forget too that you can sell anytime as you wish when the perfect time of making profits has come.
Create for yourself and that's why you're working and stacking for them, to have a good life and you're not exempted with that. You need to reward yourself and with that long period, you're not in a time deposit so don't forget too that you can sell anytime as you wish when the perfect time of making profits has come.
This is one of the best things any parent can do for their children. This could really mean a lot for them and be a great start when you finally hand this over to them when they are well grown to manage the funds. Starting to save small for them, you won't even realize when you might have saved a lot of money through Bitcoin.
Among your children 1 might also be interested in the tech industry which will really expose him the more adding to the earlier knowledge which they might have gain from you when they are off age. The best things and experience, and achievement most of the time start from what our parent's have prepared for us from the on set. If most of us who are now grown up have had this kind of opportunities from our parent's we could have been more expose then where we are now though lots will miss use the opportunity.
Among your children 1 might also be interested in the tech industry which will really expose him the more adding to the earlier knowledge which they might have gain from you when they are off age. The best things and experience, and achievement most of the time start from what our parent's have prepared for us from the on set. If most of us who are now grown up have had this kind of opportunities from our parent's we could have been more expose then where we are now though lots will miss use the opportunity.
There are some line you are missing, if I must tell you, you have to teach them about bitcoin give them the basic principles and right knowledge they needs to know before anything else. I don't know of their ages but I believe they can be able to understand the whole configuration instead learning it outside or being that you don't give them right orientation towards bitcoin would make them probably gets involved with ponzi scheme and any other money making easy way, but with the right knowledge they could be able to manage themselves and overcome any other illegal means of investment.
Besides if you don't reveal to them you made
an investment to each of them they won't know you have such plans for them and it's good to learn from you being that you have no such privilege from your parents, and you were independent this shows they should also learn from you than being blinded of not showing them up the right way of digitalization and the innovation enveloping the world.
Besides if you don't reveal to them you made
an investment to each of them they won't know you have such plans for them and it's good to learn from you being that you have no such privilege from your parents, and you were independent this shows they should also learn from you than being blinded of not showing them up the right way of digitalization and the innovation enveloping the world.
Am planning ahead for my children, early this year I open four bitcoin wallets with my children's names overtime I will be dividing my investment either profit or capital and send to their wallets, no one will have access to it until you assume certain age of 18.
this is certainly a good plan, make an effort to really leave some significant sum in those accounts.
Why does this sound to me like you opened bank accounts for them? why do they need to be "in their name" and where did you open those wallets?
Are you sure that the way you opened the wallets guarantees that in xx years it will be possible to access them?
I will not expose them to crypto as teenagers to avoid social vices.
You don't have to expose them to the Bitcoin wallets, but that doesn't limit you from exposing then to Bitcoin knowledge and financial knowledge in general. This would enable them to properly managc any amount you give to them.Also, what vices do you speak of that are precipitated by crypto in a teenager?
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